By Devika Patel
Knoxville, Tenn., June 17 - Innovative Composites International Inc. said it settled a C$1.94 million private placement of units. The deal priced for about C$2 million on April 29.
The company will sell 6,480,390 units at C$0.30 apiece on a best-efforts basis. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$0.45 for two years.
Canaccord Genuity Corp. was the agent.
Proceeds will be used for working capital and general corporate purposes.
Based in Toronto, Innovative Composites makes and sells lightweight structural products utilizing fiber reinforced thermoplastics for use in the marine, construction, automotive, military, recreational vehicles, equine and furniture industries.
| Issuer: | Innovative Composites International Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,944,087
|
| Units: | 6,480,390
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Canaccord Genuity Corp.
|
| Pricing date: | April 29
|
| Settlement date: | June 17
|
| Stock symbol: | TSX Venture: IC
|
| Stock price: | C$0.38 at close April 28
|
| Market capitalization: | C$13.3 million
|
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